ALPINE TOWNSHIP -- Jacob Berkey wants other students to learn what he found out the hard way.

"I have a lot of student loans right now," said Berkey, a senior at Western Michigan University majoring in sales and business marketing. "I wish I would have done it a little differently.

"I wish I would have known how all these loans work."

Berkey's roommate, Kylie Vasa, came up with the idea to increase financial literacy by starting personal finance programs in high school classrooms and enlisted Berkey's help. That plan has placed them among the top five finalists in the Motivate Michigan contest, which challenged college students to generate ideas to improve the state's economy. About 300 entered the contest, hosted by Southfield-based services and management firm Ciber and sponsored by many businesses. Gov. Jennifer Granholm has given her endorsement.

Berkey, a 2006 Comstock Park High School graduate, and Vasa, from the state of Wyoming, will give a 15-minute presentation on their idea Monday to a panel of judges at Rock Financial Showplace in Novi. Finalists will split $48,000 in scholarship money, with 40 percent going to the first-place winner.

Berkey and Vasa believe financial illiteracy has contributed to the recession. They surveyed teenagers in the Battle Creek, Lansing and Kalamazoo areas and said they found that many could benefit from a basic course on money management.

The contest was the result of a group of companies and organizations that got together to get suggestions on creating jobs and keeping young people in Michigan.

The Top 10 was chosen based on potential impact on the state's economy, creativity and innovation, and feasibility for implementation, said Armen Kabodian, Ciber's vice president of business development. Semi-finalists were posted online and more than 5,000 voters chose the final five.

Ciber plans to work with the winner to put together a feasibility analysis and implantation plan and to present the idea to state leaders for funding and support.

Kabodian said Berkey's and Vasa's idea is intriguing.

"I think it has long-term significant economic impact throughout the state," Kabodian said. "They touched on an idea or a topic that is so simple in its approach but so powerful in its long-term benefit."